During the Annual General Meeting of the West Indies Oil Company (WIOC) held yesterday, Gregory Georges, the Chief Executive Officer, reassured shareholders that they made the right choice by investing in the company.
The AGM was attended by numerous shareholders, either in person at the John E St. Luce Business Centre on Factory Road or virtually.
It is worth noting that over 950 individuals and institutions purchased shares when the company went public in March 2021. Georges reported on the financial year that ended on December 31, 2022.
He used graphs to demonstrate that the company’s profits have steadily grown since the government’s takeover in 2015, except for the COVID-19 pandemic. Between 2021 and 2022, profits increased by over one million dollars.
Several years ago, Georges revealed that the company had decided to diversify its operations and generate revenue from storage.
This decision turned out to be a wise move, as during the pandemic, when revenues from other sectors were declining, the revenue generated from storage proved to be a lifeline for the company, keeping it afloat.
“We did not have to lay off a single worker. We did not have to cut anyone’s salary. That was because of the decision to diversify. We have a high retention rate, as practically all of our workers we had during the pandemic remained with us, even today,” he disclosed.
Georges said the company will continue investing in additional storage capacity and plans to manage the transition from fossil fuel to renewables.
The CEO assured shareholders that renewables are no threat to the existence of WIOC.
“In fact, we are looking to set up a solar farm to produce electricity for APUA, and we are working along with the Environment Division on several initiatives to secure future growth. I assure you, the transition to renewables is no existential threat to WIOC. If anything, it opens up a world of possibilities,” he declared.
He stated that the company will continue to invest in its staff and safety, as these are critical areas for its success.